Cedi gains, lower prices show economy is stabilising – Mahama

President John Dramani Mahama has highlighted what he describes as early signs of economic recovery under his administration, citing the strengthening Ghanaian cedi and declining market prices as evidence that recent policy measures are beginning to pay off.

Speaking at a durbar in Wa in the Upper West Region on Thursday, May 15, as part of his nationwide thank-you tour following his 2024 electoral victory, President Mahama outlined his government’s efforts to restore economic stability since taking office earlier this year.

“Since taking over the reins of government, our focus has been on stabilising the economy,” he said. “We therefore presented to Parliament in March this year a budget which was aimed at severely trimming expenditure and channelling saved revenue into priority programmes as promised in our manifesto.”

He noted that government’s commitment to fiscal discipline and strategic investments is beginning to yield positive results.

“I am happy to report to you that our efforts to stabilise the economy have begun to yield results and it is evident in the improved performance of our local currency and also a gradual reduction of prices of goods and services in the market,” Mahama added.

His comments come at a time of cautious optimism among analysts and the public, as the cedi shows signs of gaining strength after a period of sharp depreciation, and inflation rates appear to be easing slightly in major urban areas.